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TMT SPAC Twelve Seas Investment IV TMT files for a $200 million IPO

December 6, 2021

Twelve Seas Investment IV TMT, a blank check company targeting the global TMT sector, filed on Monday with the SEC to raise up to $200 million in an initial public offering.

The Miami, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50. At the proposed deal size, Twelve Seas Investment IV TMT would command a market value of $271 million.

The company is led by Chairman Neil Richardson, who is currently the Chairman of independent family office North Sea Capital and previously was a Founding Partner at Lion Capital; CEO and Vice Chairman Joseph Euteneuer, who previously served as the CFO of Mattel and Co-CEO and CFO of Rivada Networks; President, CIO, and Director Alan Mitchell, the COO of Spain Telecom; and COO Dimitri Elkin, a former Managing Partner with Twelve Seas Capital. The company plans to target the global TMT sector, focusing on businesses with equity valuations between $700 million and $5 billion.

Management's previous SPACs include Twelve Seas Investment II (TWLVU) and Twelve Seas Investment, which completed its combination with oil storage and services company Brooge Holdings (BROG; -15% from $10 offer price) in 2019.

Twelve Seas Investment IV TMT was founded in 2021 and plans to list on the Nasdaq under the symbol TSIVU. The company filed confidentially on November 16, 2021. Mizuho Securities is the sole bookrunner on the deal.